MasterCard Launches New, Real-Time Fraud-Fighting Solution for PIN Debit Transactions.Industry's First Network-Installed Security Solution for Global PIN POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale and ATM Fraud Detection PURCHASE, N.Y. -- MasterCard Worldwide today announced MasterCard Online Fraud Monitor[TM], a new advanced fraud detection and mitigation solution designed to enhance security for PIN debit transactions. Developed in collaboration with BasePoint Analytics, this offering uses a new sophisticated risk-scoring model to detect potential fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. PIN debit transactions in real-time, during the authorization process. The model uses advanced analytics that consider factors such as account spending, device level (ATM and POS) activity, and historical transactions to calculate the likelihood of fraud on an individual ATM card An ATM card (also known as a bank card, client card, or cash card) is an ISO 7810 card issued by a bank, credit union or building society. Its primary uses are: In practice, this means that when a debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. is swiped and the PIN is entered, MasterCard's technology quickly examines and scores the transaction for potential fraud, allowing the issuing bank Issuing bank Bank that issues a letter of credit. to advise the merchant whether to accept or decline the transaction in real time. MasterCard Online Fraud Monitor differs from competitive offerings in that it is the only network-installed, global ATM and PIN POS fraud detection tool in the industry to protect PIN transactions, which are poised for double-digit growth for the next few years*. "PIN debit transactions continue to be popular among consumers who want a fast, convenient and safe way to access cash and pay for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. all over the world," said Patricia Preston, senior vice president, MasterCard Worldwide. "Our new solution allows banks and merchants to proactively mitigate fraud on these transactions without consumers having to change how they use their cards." MasterCard Online Fraud Monitor joins a host of leading security solutions already offered by MasterCard. For 40 years, MasterCard has pioneered security innovations and continues to be committed to providing the safest, most secure and most reliable payment programs. Expert Monitoring System (EMS), MasterCard Alerts, and other state of the art fraud detection and network monitoring The term network monitoring describes the use of a system that constantly monitors a computer network for slow or failing systems and that notifies the network administrator in case of outages via email, pager or other alarms. technologies, continuously help ensure the safety of every transaction, around the clock and around the world. These advanced systems help banks prevent fraud by monitoring, identifying and stopping improper payment card transactions. Recently, the company introduced the MasterCard All-in-One Authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. Device and MasterCard Mobile Authentication as the two newest additions to MasterCard's suite of online security solutions. Other existing Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. offerings include MasterCard[R] SecureCode[TM], a global e-commerce solution that authenticates cardholders using MasterCard to make purchases online. "Adding a powerful PIN Debit Risk Solution to our already substantial suite of security solutions reinforces our commitment to helping to make every MasterCard payment safe and secure," said George Spies, senior vice president, MasterCard Worldwide. "The addition of this new tool to our debit product arsenal also reinforces MasterCard's unique benefits as a provider of the only global PIN POS network and reaffirms MasterCard as the "one stop shop" for end-to-end debit processing. "By being the first to offer a risk solution specifically developed to identify all types of PIN based debit fraud, MasterCard continues its heritage as being the industry's security innovator and a global PIN POS leader." MasterCard Online Fraud Monitor will be available during the first quarter of 2007. About MasterCard Worldwide MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 14 billion transactions each year, and provides industry-leading analysis and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to financial institution customers and merchants. Through its family of brands, including MasterCard[R], Maestro (1) (Maestro NT) An earlier name for scheduling software for Windows NT from Tivoli Systems, Inc. When IBM acquired Tivoli in 1996, the program was renamed IBM Tivoli Workload Scheduler. [R] and Cirrus[R], MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercardworldwide.com. *Cards & Payments, Dec. 2005 |
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